8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: May 27, 2008 (Date of earliest event reported)
PG&E CORPORATION
(Exact Name of Registrant as specified in Charter)
California	1-12609		94-3234914
(State or other jurisdiction of incorporation)	(Commission File Number)		(RS Employer Identification No.)
One Market, Spear Tower, Suite 2400, San Francisco, CA		94105
(Address of principal executive offices)		(Zip code)
415-267-7000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
PACIFIC GAS AND ELECTRIC COMPANY
(Exact Name of Registrant as specified in Charter)
California	1-2348		94-0742640
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS EmployerIdentification No.)
77 Beale Street, P. O. Box 770000, San Francisco, California				94177
(Address of principal executive offices)				(Zip code)
(415) 973-7000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

The information included in Exhibit 99 is incorporated by reference in response to this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K.

On May 29, 2008, a member of PG&E Corporation’s senior management will participate in meetings with investment professionals at the 2008 Deutsche Bank Energy and Utilities Conference in Miami Beach, Florida at which the materials attached hereto as Exhibit 99 will be used.  These materials contain highlights from the PG&E Corporation presentation materials previously furnished to the Securities and Exchange Commission and provided to the investment community on May 22, 2008.

These materials also will be posted on the “Investors” section of PG&E Corporation’s website at www.pgecorp.com.

Item 9.01 Financial Statements and Exhibits

Exhibits

The following exhibit is being furnished, and is not deemed to be filed:

Exhibit 99 PG&E Corporation materials used in investor discussions held on May 29, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

	PG&E CORPORATION
Dated: May 27, 2008	By:	LINDA Y.H. CHENG
		LINDA Y.H. CHENG Vice President, Corporate Governance and Corporate Secretary

	PACIFIC GAS AND ELECTRIC COMPANY
Dated: May 27, 2008	By:	LINDA Y.H. CHENG
		LINDA Y.H. CHENG Vice President, Corporate Governance and Corporate Secretary

EXHIBIT INDEX

No.	Description of Exhibit
Exhibit 99	PG&E Corporation materials used in investor discussions held on May 29, 2008

EX-99

1

This presentation is not complete without the accompanying statements made by management on May 22 and May 29, 2008. A replay is
available on PG&E Corporation’s homepage at www.pgecorp.com.

PG&E Corporation

Highlights from the May 22 Investor Conference

Christopher P. Johns

Senior Vice President & CFO

Deutsche Bank

2008 Energy & Utilities Conference

May 28 - 29, 2008

Miami, Florida

2

This presentation contains forward-looking statements regarding management’s guidance for PG&E Corporation’s 2008 and 2009 earnings per share from operations,
targeted compound average growth rate for earnings per share from operations over the 2007-2011 outlook period, as well as management’s projections regarding
Pacific Gas and Electric Company’s (Utility) capital expenditures, rate base and rate base growth. These statements are based on current expectations which
management believes are reasonable including that the Utility’s rate base averages $18.2 billion in 2008 and $20.3 billion in 2009, that the Utility earns at least its
authorized rate of return on equity, that the Utility’s ratemaking capital structure is maintained at 52 percent equity, and that the Utility is successful in implementing its
initiatives to become more efficient and reduce costs. Actual results may differ materially. Factors that could cause actual results to differ materially include:

§the Utility’s ability to manage capital expenditures and operating costs within authorized levels and recover costs through rates in a timely manner;

§the outcome of regulatory proceedings, including pending and future ratemaking proceedings at the California Public Utilities Commission (CPUC) and
the Federal Energy Regulatory Commission;

§the adequacy and price of electricity and natural gas supplies, and the ability of the Utility to manage and respond to the volatility of the electricity and
natural gas markets;

§the effect of weather, storms, earthquakes, fires, floods, disease, other natural disasters, explosions, accidents, mechanical breakdowns, acts of
terrorism, and other events or hazards on the Utility’s facilities and operations, its customers, and third parties on which the Utility relies;

§the potential impacts of climate change on the Utility’s electricity and natural gas business;

§changes in customer demand for electricity and natural gas resulting from unanticipated population growth or decline, general economic and financial
market conditions, changes in technology including the development of alternative energy sources, or other reasons;

§operating performance of the Utility’s Diablo Canyon nuclear generating facilities (Diablo Canyon), the occurrence of unplanned outages at Diablo
Canyon, or the temporary or permanent cessation of operations at Diablo Canyon;

§whether the Utility is able to maintain the cost efficiencies it has recognized from the completed initiatives to improve its business processes and
customer service, and identify and successfully implement additional cost saving measures;

§whether the Utility incurs substantial unanticipated expense to improve the safety and reliability of its electric and natural gas systems;

§whether the Utility is able to achieve the CPUC’s energy efficiency targets and timely recognize any incentives the Utility may earn;

§the impact of changes in federal or state laws, or their interpretation, on energy policy and the regulation of utilities and their holding companies;

§the impact of changing wholesale electric or gas market rules, including the California Independent System Operator’s new rules to restructure the
California wholesale electricity market;

§how the CPUC administers the conditions imposed on PG&E Corporation when it became the Utility’s holding company;

§the extent to which PG&E Corporation or the Utility incurs costs and liabilities in connection with litigation that are not recoverable through rates, from
third parties, or through insurance recoveries;

§the ability of PG&E Corporation and/or the Utility to access capital markets and other sources of credit in a timely manner on favorable terms;

§the impact of environmental laws and regulations and the costs of compliance and remediation;

§the effect of municipalization, direct access, community choice aggregation, or other forms of bypass;

§the impact of changes in federal or state tax laws, policies or regulations; and

§other risks and factors disclosed in PG&E Corporation’s and the Utility’s 2007 Annual Report on Form 10-K and other reports filed with the SEC.

Cautionary Language Regarding
Forward-Looking Statements

3

8% CAGR in EPS

PCG: Investment Case

§PCG offers competitive growth in a constructive
regulatory environment with an attractive valuation:

§$13 billion planned CapEx 2008-2011

§85% of CapEx approved

§11.45% weighted ROE on 52% equity

§High-performing, low-carbon generation

§Decoupled revenues

§Sustainable dividend, growing in-line with EPS

4

PG&E Vision

5

PG&E Goals

§Customer Loyalty

§Employee Engagement

§Environmental Leadership

§Deliver for Shareholders

6

2008 Business Priorities

§Deliver on Financial Objectives

§Focus on Customer Service and Satisfaction

§Identify and Capture Operating Efficiencies

§Ensure Workforce Readiness and Alignment

§Improve System Reliability

7

Delivering on Financial Objectives

§Invest in needed infrastructure

§Ensure adequate liquidity

§Meet EPS targets

§Generate strong cash flow

8

EPS from Operations*

*Reg G reconciliation to GAAP for 2007 EPS from Operations, and 2008 and 2009 EPS Guidance available in Appendix and at
www.pgecorp.com

Confirming EPS Guidance

§EPS from Operations Guidance:

§2008 guidance of $2.90-$3.00 per share

§2009 guidance of $3.15-$3.25 per share

§8% targeted CAGR 2007-2011

9

2007

Base
Forecast
Rate Base

Growth

(+9% to 10%)

Add’l CapEx

(+1 to 3%)

New Shares

(-3% to- 5%)

$2.70-
$2.80

8% CAGR

2007- 2011

8%

10%

6%

2007
Guidance {

Range

% CAGR

2007-2011

10

$ MM

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Common Plant

$260

$230

$200

$250

SmartMeter Program

$260

$330

$260

$220

Gas Transmission

$230

$200

$175

$200

Electric Transmission

$550

$580

$660

$750

Generation

$1,100

$750

$530

$260

Distribution

$1,300

$1,200

$1,200

$1,350

2008

2009

2010

2011

Projects not included in forecasts include: SmartMeterTM Upgrade, Cornerstone
Improvement Program, additional generation and gas pipeline investments, and BC
Transmission

$3.7 B

$3.6B

$3.3 B

$3.3 B

$3.0 B

$3.2 B

$3.0 B

$3.4 B

Prior Forecast Levels

Capital Expenditure Outlook

11

•Projected 2008-2011 rate base is not adjusted for the impact of the carrying cost credit that primarily results from the second series of the
Energy Recovery Bonds.Earnings will be reduced by an amount equal to the deferred tax balance associated with the Energy Recovery
Bonds regulatory asset, multiplied by the Utility's equity ratio and by its equity return.This rate base offset carrying cost declines to zero
when the taxes are fully paid in 2012.

**Prior Forecast issued December 21, 2007

Rate Base Growth

12

	Cumulative four-year totals (pre-tax earnings in $MM)
Need identified in December 2007 (2008-2011)	$335- $575
Potential sources identified in December 2007 to fill need:
§Additional Rate Base Investment	$125- $175
§CEE Program Incentives	$100- $200
§Operational Efficiencies	$110- $200 $335- $575
Total Need
Items now identified, implemented, completed or included in operating plans:
§CEE Program Incentives	$90- $130
§Operational Changes and Efficiencies	$100- $140
Total items identified, implemented, completed or included in operating plans	$190- $270
Remaining four-year need (2008-2011)	$145- $305
Opportunities identified but not yet implemented to fill remaining need:
§Additional Rate Base Investment	$200- $250
§Operational Efficiencies	$50- $110
Total opportunities identified but not yet implemented to fill remaining need	$250- $360

Earnings Drivers Reconciliation

13

Additional CapEx

Proposed Projects Above 2008-2011 Base CapEx Forecast

§SmartMeterTMProgram Upgrade

§$460 MM capital

§Approval expected by year-end 2008

§Cornerstone Improvement Program (Enhanced Reliability Investment)

§$800 MM capital 2008-2011

§$1.5 B capital investment beyond 2011

§CPUC action requested by 1/1/2009

§BC Transmission

§Recovery of costs approved by FERC

§Working on multi-utility partnership for development of the project

§$5+ B potential, with PG&E’s share at 1/3 to 1/2

§New Generation

§Prior RFO shortfalls

§RFO for 2006-2016 period issued April 2008 for 800 - 1200 MW

§Renewable investment opportunities

§Pacific Connector LNG Pipeline

§~$50MM capital 2008-2011

§FERC approval expected by year end

14

Current-state	Performance Value
Multi-year operating plan	§Rigorous comprehensive process §Both tactical and strategic view
Business Reviews	§Real-time decisions §Sr. management dialogue and engagement
Project governance	§Holistic approach §Multi-functional business case reviews, approvals and follow up
Efficiency Fund	§Current year funds invested for future year benefits

All current-state processes include integrated analysis with
disciplined tracking and follow up to minimize surprises and ensure
planned results

Improved Operational Planning

15

Operational Changes and Efficiencies in
Current Operating Plan

+Economic Stimulus Act of 2008

+Resolution of outstanding tax audits

+Settlement of outstanding generator claims

-Delay in electric transmission project (C3ET)

+Workforce reductions

+Strategic sourcing

+Cash cycle management

+Inventory management

+Fleet management

+Real estate optimization

16

Energy Efficiency Incentives

§Guidance assumes:

§$90 - $130 MM in Energy Efficiency Incentives 2008-2011

§2 years in 2008, 1 year in 2009, hold-back in 2010, 2 years in
2011

§2006-2008 Program effectiveness phase (“net-to-gross
issues”) to be finalized by CPUC summer 2008

§Program goals for 2009-2011 to be finalized second half of
2008

17

Financing Needs 2008-2011 in $MM

* excludes cash from Energy Recovery Bond and Rate Recovery Bond revenues

Cash Flow and Equity Needs

18

Dividend Policy

§Objectives:

§Flexibility

§Sustainabilility

§Comparability

§Payout ratio range of 50% - 70%

§Growth balanced with funding for additional
investment opportunities

19

Financial Assumptions 2008-2011

§Capital expenditure base forecast reflects projects that are highly likely
or already approved

§CPUC authorized ROE is 11.35% and Utility earns at least 12% at FERC
on projected rate base

§Ratemaking capital structure maintained at 52% equity

§Additional capital expenditures, CEE incentives, and operational
efficiencies consistent with earnings targets

§Resolution of FERC generator claims in 2009-2011 results in financing
needs

20

Key Financial Takeaways

§Delivering on Near-term EPS Guidance and 8% CAGR

§Investing in Attractive Rate Base Opportunities

§Utilizing Operating Efficiencies, Incentive Earnings and
Leverage Effectively

§Delivering Strong Cash Flow and Liquidity

§Sustaining a Comparable Dividend

21

2008 Business Priorities

§Deliver on our EPS Goals

§Focus on Customer Service and Satisfaction

§Identify and Capture Operating Efficiencies

§Ensure Workforce Readiness and Alignment

§Improve System Reliability

22

Focus on our Customers

§Improvements made in 2007

§Increase in success rate for resolving customer issues on the
first visit

§Sped up issue resolution by 50%

§Website improvements

§Resulted in Increased Customer satisfaction

§Continued upward trend in 2007

§PG&E ranks in top 10% for both electric and natural gas
service

23

JD Power Rankings
2007 Higher than 2006

24

Innovative EE and DR programs

25

* 2008 to 2011 estimates are based on forecasted construction schedules and additional contracted resources

Year-end 2008 target: 1.3 million meters installed

200720082009201020112012

1st meter

installed
11/06

Billing IT infrastructure

live 2Q 2007

Live AMI billing

12/07

SmartMeterTM

Upgrade Filing
12/07

Demand Response

Interval Billing Live
05/08

Upgrade technology

installation 4Q 08

Deployment (incl.upgrade)

complete 1Q 2012

SmartMeterTM Program Progress

§Over 550,000 meters installed

§270,000 meters being read electronically

26

2008 Business Priorities

§Deliver on our EPS Goals

§Focus on Customer Service and Satisfaction

§Identify and Capture Operating Efficiencies

§Ensure Workforce Readiness and Alignment

§Improve System Reliability

27

§Strategic Sourcing

§IT, Telecom, and consulting ($1.4 B in annual spend)

§Contract extensions ($1.2 B in annual spend)

§Labor Productivity

§Timekeeping and reporting process

§Asset Management

§Fleet Management ($200 M in annual spend)

§Real Estate Optimization ($100 M in annual spend)

§Inventory Management ($150 M in asset value)

§Cash Cycle Management ($50 M in annual spend)

Identifying Operational Efficiencies

28

2008 Business Priorities

§Deliver on our EPS Goals

§Focus on Customer Service and Satisfaction

§Identify and Capture Operating Efficiencies

§Ensure Workforce Readiness and Alignment

§Improve System Reliability

29

Developing a High Performance Team

§New Channels for Labor Talent

§Investment in recruiting expertise and infrastructure

§Power Pathways

§We’ve complimented our management ranks with additional leaders that
broadens our diversity of backgrounds, expertise and thinking

§Leveraging Experience

§Significant investment in PG&E Academy to help develop our people

§Developing our leaders, at all levels, connected to key competencies

§Sr. officers are investing their time in connection to our vision, values and
operating plan efforts

§Proactively engaging with the IBEW to provide training and education
programs geared toward improving and sustaining productivity and safety

§Based on ongoing field improvement efforts, PG&E Academy is
redesigning our field-based curriculum focused on optimizing human
performance

30

2008 Compensation metrics	Percentage weight
Delivering on EPS Goals(Measurement of earnings from ongoing core operations)	40%
Brand Health Index(Composite of customer surveys and marketing research)	20%
Reliable Energy Delivery (Composite of various reliability metrics)	20%
Employee Engagement Survey (Measurement of employee engagement at PG&E)	10%
Safety Performance(Measurement of occupational injury or illness based on OSHA Recordables)	10%

Compensation Aligned with Business Focus

Measuring Our Performance

31

2008 Business Priorities

§Deliver on our EPS Goals

§Focus on Customer Service and Satisfaction

§Identify and Capture Operating Efficiencies

§Ensure Workforce Readiness and Alignment

§Improve System Reliability

32

§Steam Generator Replacement

§$700 MM approved capital investment

§Unit 2 replacement completed in 69 days

§Unit 1 replacement scheduled for early 2009

Diablo Steam Generator
Replacement

33

Gateway Generating Station

§ More than 50% complete

§>1,000,000 hours with no injury

§ On budget, on time

§ Begins operations 1Q 2009

34

Colusa

657 MW

Gateway

530 MW

Humboldt

163 MW

New Generation: Colusa & Humboldt

§Status

§Colusa: CEC permits received;
construction imminent

§Humboldt: Slight delays in permitting,
construction expected to begin by end of
year

§Strategy for execution mirrors
successes at Gateway

§Experienced project teams in place

35

Electric Transmission Investment

§Palermo Transmission Substation

§$15 MM interconnection for local transmission

§Lakeville-Sonoma Transmission Line

§$27 MM upgrade serving 60,000 customers

§Central California Clean Energy Transmission
(C3ET) Line

§$1.2 B renewable access and increased reliability

§Expected completion late 2013

36

Cornerstone Improvement Program

§Proposed $2.3 B/ 6-yr. System Upgrade

§Key to electric distribution system reliability
improvements

§Supporting distribution automation

§Preparing for the grid of the future

37

Key Operations Takeaways

§Large scale projects are progressing smoothly

§New generation projects are achieving excellent
results: on time, on budget

§New transmission projects are gaining momentum with
project development and permitting

§The Cornerstone Improvement Program is a significant
step forward for our system

38

8% CAGR in EPS

PCG: Investment Case

§PCG offers competitive growth and a constructive
regulatory environment with an attractive valuation:

§$13 billion planned CapEx 2008-2011

§85% of CapEx approved

§11.45% ROE on 52% equity

§High-performing, low-carbon generation

§Decoupled revenues

§Sustainable dividend, growing in-line with EPS

39

Appendix
Deutsche Bank

Energy and Utilities Conference

May 27-29, 2008

40

* Earnings per share from operations is a non-GAAP measure.This non-GAAP measure is used because
it allows investors to compare the core underlying financial performance from one period to another,
exclusive of items that do not reflect the normal course of operations.

EPS on an Earnings from Operations Basis	$2.78
Items Impacting Comparability	0.00
EPS on a GAAP Basis	$2.78

2007

2007 EPS - Reg G Reconciliation

41

2008
	Low	High
EPS Guidance on an Earnings from Operations Basis* Estimated Items Impacting Comparability EPS Guidance on a GAAP Basis	$2.90 0.00 $2.90	$3.00 0.00 $3.00
2009
	Low	High
EPS Guidance on an Earnings from Operations Basis* Estimated Items Impacting Comparability EPS Guidance on a GAAP Basis	$3.15 0.00 $3.15	$3.25 0.00 $3.25
* Earnings per share from operations is a non-GAAP measure.This non-GAAP measure is used because it allows investors to compare the core underlying financial performance from one period to another, exclusive of items that do not reflect the normal course of operations.

EPS Guidance - Reg G Reconciliation